The debate to change the metal composition of U.S. coinage was waged on the House floor Tuesday.
With the surging prices of metals like zinc and copper, it now costs more than a penny to make a penny and about 7.7 cents to make a nickel.
A new House bill entitled "H.R. 5512, the Coin Modernization and Taxpayer Savings Act of 2008" would seek to change that and it was that bill, which was in debate.
The proposed legislation would give the Treasury Secretary the power to change the composition of coins and use less expensive metals. It also would require the United States Mint to produce steel pennies within six months of the bill’s enactment.
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Unveiling and issue of a coin commemorating the 400th anniversary of Quebec City
QUEBEC CITY - The Royal Canadian Mint is pleased to celebrate the 400th anniversary of the founding of Quebec City by issuing a commemorative two-dollar coin.
"I invite all Canadians to look for this commemorative coin in their change," said Ian E. Bennett, the Mint’s President and CEO.
"Six million of these coins will be put into circulation to be exchanged daily not only by Quebecers, but by Canadians throughout the country.
This coin is a striking way to pay tribute to Quebec City’s heritage, and to its significance in Canadian history.
The Royal Canadian Mint is pleased to join Quebec City’s citizens and admirers in celebrating the 400th anniversary of this famous city."
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Gold turned slightly south today as the dollar gained against the euro. New York spot gold went as low as $862.70 an ounce, but eventually climbed back to $870 an ounce to lose just $6 for the day.
Separate comments from Kansas City Fed President Thomas Hoenig and Treasury Secretary Henry Paulson would seem to signal the potential for gold’s further regress.
According to the Wall Street Journal, Paulson said the worst of the credit crunch may have passed and that the financial markets are emerging. Hoenig said late Tuesday that the Federal Reserve must be ready to raise interest rates in a timely manner given the “troublesome” inflation outlook.
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The United States Mint has announced the upcoming arrival of new Presidential $1 dollar coin products in May.
For some collectors, the announced offerings may come as a bit of a surprise since the Mint is pushing out an additional product as well as the next scheduled coin honoring U.S. Presidents.
They have, in fact, extended their Presidential product line and are spotlighting already released coins in new ways.
Presidential $1 Coin Historical Signature Set™
The U.S. Mint had somewhat quietly released a new collection in April called the Presidential $1 Coin Historical Signature Set. It featured George Washington.
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The treasure-hunting company Odyssey Marine Exploration filed their first quarterly 2008 report with the Securities and Exchange Commission.
In addition to updates on their numerous shipwreck projects, the company reported a first quarter revenue of $.3 million with a net loss of $6.8 million. Those compare to 2007’s reports of $2.2 million and $3.8 million respectively.
Greg Stemm, Odyssey’s Chairman and Chief Executive Officer commented,
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